SAN DIEGO, March 23, 2011 (GLOBE NEWSWIRE) -- MediciNova, Inc., a biopharmaceutical company traded on the Nasdaq Global Market (Nasdaq:MNOV) and the Jasdaq Market of the Osaka Securities Exchange (4875), announced that it has priced a firm-commitment underwritten public offering of 2,750,000 units at a price to the public of $3.00 per unit for gross proceeds of $8.25 million. Each unit consists of one share of common stock, and a warrant to purchase one share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $3.56 per share.
Net proceeds, after estimated underwriting discount and assuming the warrants are not exercised, will be approximately $7.8 million. The offering is expected to close on or about March 29, 2011, subject to satisfaction of customary closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE Amex:LTS), is acting as the sole underwriter in connection with the offering.The securities described above are being offered by MediciNova pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available, copies of the final prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the Securities and Exchange Commission web site at http://www.sec.gov , or from Ladenburg Thalmann & Co. Inc., 520 Madison Avenue, 9th floor, New York, NY 10022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of MediciNova nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.